An article on the BBC website last week caught my eye because it warned that the housing market is ‘stuck in a rut’ and there are a rising number of tenants in rental arrears.
The Council of Mortgage Lenders announced that mortgage lending stayed at low levels in February and this year would be ‘challenging‘ for the housing market.
Such tough economic conditions have encouraged more people to turn to renting, but higher demand has increased rental figures, and in turn, a rising number of tenants (12.6%) are falling behind with rental payments.
All of this can have a detrimental effect on the finances of residential landlords, who rely on rental income to pay the mortgage on the property.
As a legal professional who advises landlords who are having trouble in recovering rent arrears from tenants or are facing repossession, I would encourage those in similar situations to seek legal advice early, before arrears get out of hand.
We can help landlords. Visit the dedicated residential landlord section of our website to find out how.
By residential landlord expert, Rebecca Gunning